Euronav NV initiated with an Overweight at JPMorgan

JPMorgan analyst Samuel Bland initiated coverage of Euronav NV (EURN) with an Overweight rating and $21.50 price target. The analyst sees the tanker space as being “interesting” over the near and mid-term, citing a combination of sharply improving profitability and limited new ordering, contra to prior cycles. The firm sees greater “earnings longevity” at Euronav, and also a more attractive valuation, relative to Frontline (FRO).